Board of Trustees

CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING MAY 8, 2025 CALL TO ORDER Chairperson Marco Santoro called the Regular Meeting of Thursday, May 8, 2025, of the Board of Trustees to order at 5:30 pm in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson Marco Santoro, present Vice-Chairperson Arif Fareed, present Board Member Michael Blake, present Board Member Brandon Fair, present Board Member David Withee, present City Clerk Christian Gowan, present Also present: Mr. Dave West, Senior Consultant, Mariner, 531 West Morse Blvd., Suite 200, Winter Park, Florida Ms. Shelly Jones, Gabriel, Roeder, Smith 7 Company (GRS), One East Broward Boulevard, Suite 500, Fort Lauderdale, Florida Ms. Holly Queen, Director, Finance Department Mr. Brian Dunigan, Director, Operations Department AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Chairperson Santoro opened Public Input. No one addressed the Board. Chairperson Santoro closed Public Input. CONSENT AGENDA 300) Approval of the Thursday, February 13, 2025 Board of Trustees Regular Meeting Minutes "MOTION TO APPROVE WITH CORRECTION TO ATTENDANCE." MOTION BY CHAIRPERSON SANTORO. SECONDED BY BOARD MEMBER BLAKE. DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); WITHEE (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 5-0. PUBLIC HEARINGS AGENDA 400. Not Used

CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – MAY 08, 2025 PAGE 2 OF 3 REGULAR AGENDA 500) GRS Actuarial Valuation Report of the Defined Benefit Plan – October 1, 2024 Ms. Shelly Jones from Gabriel Roeder Smith (GRS) presented the actuarial valuation as of October 1, 2024 and reviewed the minimum contribution, the member and city contributions, noted the funded ration had increased from 88.3% to 90.8%, and further noted a market value return of 23.74% (smoothed value return of 9.38%) primarily due to strong asset returns. Ms. Jones noted that no changes were made to the assumptions or plan structure but advised that the Florida Retirement System had updated mortality assumptions which would be factored into the next valuation and may increase liabilities for plan members. Brief discussion followed on de-risking strategies and where these were being pursued. “MOTION TO ACCEPT THE VALUATION WITH THANKS TO GRS.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER FAIR. DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); WITHEE (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 5-0. 501) Quarterly Investment Return Report from Mariner Mr. West presented the quarterly investment report, noted fiscal year-to-date fund performance was down 1 -1.5% with a recovery expected in April, discussed the economic impact of tariffs and uncertainty, noted previous action taken to reallocate $1.7 million from the RBC International Equity Fund to Vanguard short-term bond funds, and announced that current asset allocation remained in line with targets. “MOVE TO ACCEPT THE INVESTMENT REPORT.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER FAIR. DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); WITHEE (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 5-0. Mr. West presented an analysis of potential replacements for the RBC International Fund, focusing on three candidates: Dimensional Fund Advisors (DFA), T Rowe Price, and Transamerica. Mr. West noted that T. Rowe Price had recently undergone a portfolio manager change which raised some concerns and highlighted DFA’s 96% down market capture. Discussion followed on potential Collective Investment Trust (CIT) options that might offer lower fees, special pricing that may be available based on the amount invested, and the potential of indexing the international equity allocation. “MOTION TO REPLACE RBC INTERNATIONAL FUND WITH THE DIMENSIONAL FUND ADVISORS (DFA) INTERNATIONAL EQUITY FUND WITH THE CAVEAT THAT MR. WEST SHOULD EXPLORE POTENTIAL LOWER-COST COLLECTIVE INVESTMENT TRUST (CIT) OPTIONS BEFORE FINALIZING THE TRANSACTION.” MOTION BY BOARD MEMBER FAIR. SECONDED BY BOARD MEMBER BLAKE. DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); WITHEE (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 5-0.

CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – MAY 08, 2025 PAGE 3 OF 3 REPORTS PUBLIC INPUT Chairperson Santoro opened Public Input. No one addressed the Board. Chairperson Santoro closed Public Input. ADJOURNMENT Chairperson Santoro adjourned the Regular Meeting at 6:40 p.m. RESPECTFULLY SUBMITTED: ___________________________________ CHRISTIAN D. GOWAN, MPA, CMC CITY CLERK NOTE: These Minutes were approved at the August 19, 2025 Board of Trustees Regular Meeting.